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About

Overview

Packed with managerially oriented applications, MANAGERIAL ECONOMICS, 12th edition illustrates how managers apply theories and techniques to solve real-world problems while teaching future business leaders how to think analytically and make better decisions. Extremely user friendly, the text caters to a variety of learning styles as it presents key analytical concepts in several ways, including tabular analysis, graphical analysis, and algebraic analysis. Students learn in a format with which they are comfortable, making difficult material more accessible and easier to understand. The new 12th edition is concise, current, and cutting edge with an exciting and extremely relevant new focus on "green" businesses and business developments in the examples and applications. The seasoned author team balances traditional neoclassical micro theory with extensive coverage of the latest analytical tools in managerial economics, such as game-theoretic tactics, information economics, and organizational architecture.

Features and Benefits

Streamlined Approach: Responding to user feedback, the 12th edition is succinct and streamlined. The book thoroughly covers key topics, while less-used material is now found on the textbook’s website to give the authors optimal flexibility in their course coverage.

More International Coverage: The 12th edition demonstrates a strong emphasis on international business issues with coverage on China, India, and the global marketplace. The book integrates international issues throughout, illustrating how they relate to managerial efficiency and shareholder wealth maximization. Additionally, intriguing “International Perspectives” illustrate how chapter concepts can be applied to problems faced by managers in an increasingly global climate, helping readers understand the international impact of economics.

Diverse Approaches: The authors present key analytical concepts in several different ways -- including tabular analysis, graphical analysis, and algebraic analysis -- making difficult material more accessible and enabling students to learn in the format with which they are most comfortable. When elementary differential calculus is used, at least one alternative mode of analysis also is presented for readers. The book also has a strong finance emphasis.

Real-World Emphasis: The 300-plus applications and examples from actual practice give student’s hands-on experience with the decision-making challenges they will face as managers -- as well as effective tools to solve them. For example, each chapter opens with a Managerial Challenge illustrating an economic analysis problem faced by actual managers that relates to chapter material.

Decision-Making Skills: “What Went Right/What Went Wrong” features, now included in all chapters, enable students to apply what they have learned to real-business decisions and see the positive and negative outcomes of management decisions. These insightful features show the relevance of managerial economic insights to avoiding widely discussed corporate mistakes, teaching students how to critically evaluate good and bad decisions and the subsequent effects.

Contemporary Coverage: A strong emphasis is placed on the most current topics in microeconomic thinking, including organizational economics, game-theoretic tactics, auction economics, strategy, information economics, and more. This coverage is balanced with more traditional neoclassical micro theory.

What's New

NEW! New Managerial Challenges include facing the difficulty of sustainability for utility companies in pollution abatement environment, why airlines have started to charge additional fees for baggage, different modes for alternative energy and a response to the recent U.S. financial crisis using exports to China, among others. Managerial Challenges on the demand for public transportation and California’s deregulation of electricity have been updated with an emphasis on global warming and “green” initiatives.

NEW! As evidenced in the Managerial Challenges, and in examples throughout, Managerial Economics, 12e now features an emphasis on environmentally friendly (or challenging) businesses and business-practices. New “green” examples are noted throughout the text by the compact fluorescent light bulb icon and include the Managerial Challenge exploring the relationship of global warming to demand for public transportation, examples on the Chevy Volt battery-powered car, changing incandescent for CFL light bulbs, and numerous others.

NEW! Most chapters now include the What Went Right / What Went Wrong feature. Feedback from instructors told us that this was an extremely valuable feature, so the 12th edition now includes more of these concise and keen analyses.

NEW! New and updated content coverage across the text, with significant additions in chapters 1, 3, 6, 11, and 16. Chapter 1 shows comparison/contrast of the use of performance-based bonuses, stock options, restricted stock grants, and Sarbanes-Oxley audits as methods for resolving Principal-agent Incentive Conflict. For instructors looking for international emphasis, Chapter 6 features new and updated content on trade with China and new data on China’s GDP and increased investment in infrastructure. The text also now better distinguishes profit-maximizing and sales-revenue maximizing pricing and introduces a new section on value propositions.

NEW! End-of-Chapter Exercises in many chapters are new or revised.

Learning Resource Bundles

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Student Supplements

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Access an integrated eBook, learning tools including flashcards, quizzes, and more, all designed specifically to work with MANAGERIAL ECONOMICS: APPLICATIONS, STRATEGY AND TACTICS, 12th Edition.

Meet the Author

Author Bio

James R. McGuigan

James R. McGuigan owns and operates his own numismatic investment firm. Prior to this business, he was Associate Professor of Finance and Business Economics in the School of Business Administration at Wayne State University. He also taught at the University of Pittsburgh and Point Park College. McGuigan received his undergraduate degree from Carnegie-Mellon University; MBA at the Graduate School of Business at the University of Chicago and his PhD from the University of Pittsburgh. In addition to his interests in economics, he has coauthored books on financial management.

James R. McGuigan owns and operates his own numismatic investment firm. Prior to this business, he was Associate Professor of Finance and Business Economics in the School of Business Administration at Wayne State University. He also taught at the University of Pittsburgh and Point Park College. McGuigan received his undergraduate degree from Carnegie-Mellon University; MBA at the Graduate School of Business at the University of Chicago and his PhD from the University of Pittsburgh. In addition to his interests in economics, he has coauthored books on financial management.

R. Charles Moyer

R. Charles Moyer earned his BA in Economics from Howard University and his MBA and PhD in Finance and Managerial Economics from the University of Pittsburgh. Professor Moyer is Dean Emeritus of the College of Business at the University of Louisville, and Professor of Finance and Entrepreneurship. He is Dean Emeritus and former holder of the GMAC Insurance Chair in Finance at the Babcock Graduate School of Management, Wake Forest University. Previously, he was Professor of Finance and Chairman of the Department of Finance at Texas Tech University. Professor Moyer also has taught at the University of Houston, Lehigh University, and the University of New Mexico and spent a year at the Federal Reserve Bank of Cleveland. Professor Moyer has taught extensively abroad in Germany, France, and Russia. In addition to this text, Moyer has coauthored two other financial management texts. He has been published in many leading journals including FINANCIAL MANAGEMENT, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, JOURNAL OF FINANCE, FINANCIAL REVIEW, JOURNAL OF FINANCIAL RESEARCH, INTERNATIONAL JOURNAL OF FORECASTING, JOURNAL OF ECONOMICS AND BUSINESS, STRATEGIC MANAGEMENT JOURNAL and JOURNAL OF INDUSTRIAL ORGANIZATION. Professor Moyer has been a member of the Board of Directors of King Pharmaceuticals, Inc., and is on the board of Capital South Partners, the Kentucky Seed Capital Fund, and Summit Biosciences.

R. Charles Moyer earned his BA in Economics from Howard University and his MBA and PhD in Finance and Managerial Economics from the University of Pittsburgh. Professor Moyer is Dean Emeritus of the College of Business at the University of Louisville, and Professor of Finance and Entrepreneurship. He is Dean Emeritus and former holder of the GMAC Insurance Chair in Finance at the Babcock Graduate School of Management, Wake Forest University. Previously, he was Professor of Finance and Chairman of the Department of Finance at Texas Tech University. Professor Moyer also has taught at the University of Houston, Lehigh University, and the University of New Mexico and spent a year at the Federal Reserve Bank of Cleveland. Professor Moyer has taught extensively abroad in Germany, France, and Russia. In addition to this text, Moyer has coauthored two other financial management texts. He has been published in many leading journals including FINANCIAL MANAGEMENT, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, JOURNAL OF FINANCE, FINANCIAL REVIEW, JOURNAL OF FINANCIAL RESEARCH, INTERNATIONAL JOURNAL OF FORECASTING, JOURNAL OF ECONOMICS AND BUSINESS, STRATEGIC MANAGEMENT JOURNAL and JOURNAL OF INDUSTRIAL ORGANIZATION. Professor Moyer has been a member of the Board of Directors of King Pharmaceuticals, Inc., and is on the board of Capital South Partners, the Kentucky Seed Capital Fund, and Summit Biosciences.

Frederick H.deB. Harris

Frederick H. deB. Harris (Rick) is the John B. McKinnon Professor of Economics and Finance at the Schools of Business, Wake Forest University. Professor Harris holds a 1981 Ph.D. from the University of Virginia and a Dartmouth College A.B. in Economics. His specialties are pricing tactics and capacity planning in product markets as well as price discovery in financial markets and security market design. He has taught integrative managerial economics Core courses and elective B.A., B.S., M.S., M.B.A., and Ph.D. courses at Wake Forest, the University of Texas, and William and Mary, as well as several universities in France, Italy, Germany, and Australia.
Professor Harris has won two school-wide Educator of the Year awards and two Researcher of the Year awards. Other recognitions include Outstanding Faculty (Inc., 1998 and 2001), Outstanding Faculty (Business Week’s Guide to the Best Business Schools, 1997-2004), Board of Associate Editors (Journal of Industrial Economics, 1988-2003), and the Runner-up Prize (European Corporate Governance Institute, 2007). Numerous publications have appeared in the leading journals in Economics, Finance, and Operations such as the REVIEW OF ECONOMICS AND STATISTICS, THE JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, JOURNAL OF FINANCIAL MARKETS, and THE JOURNAL OF OPERATIONS MANAGEMENT. He also writes with practitioners in the JOURNAL OF TRADING from Institutional Investor Inc. and in the INFORMS’s JOURNAL OF REVENUE AND PRICING MANAGEMENT.

Frederick H. deB. Harris (Rick) is the John B. McKinnon Professor of Economics and Finance at the Schools of Business, Wake Forest University. Professor Harris holds a 1981 Ph.D. from the University of Virginia and a Dartmouth College A.B. in Economics. His specialties are pricing tactics and capacity planning in product markets as well as price discovery in financial markets and security market design. He has taught integrative managerial economics Core courses and elective B.A., B.S., M.S., M.B.A., and Ph.D. courses at Wake Forest, the University of Texas, and William and Mary, as well as several universities in France, Italy, Germany, and Australia.
Professor Harris has won two school-wide Educator of the Year awards and two Researcher of the Year awards. Other recognitions include Outstanding Faculty (Inc., 1998 and 2001), Outstanding Faculty (Business Week’s Guide to the Best Business Schools, 1997-2004), Board of Associate Editors (Journal of Industrial Economics, 1988-2003), and the Runner-up Prize (European Corporate Governance Institute, 2007). Numerous publications have appeared in the leading journals in Economics, Finance, and Operations such as the REVIEW OF ECONOMICS AND STATISTICS, THE JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, JOURNAL OF FINANCIAL MARKETS, and THE JOURNAL OF OPERATIONS MANAGEMENT. He also writes with practitioners in the JOURNAL OF TRADING from Institutional Investor Inc. and in the INFORMS’s JOURNAL OF REVENUE AND PRICING MANAGEMENT.